Leerink analyst Joseph Schwartz lowered his price target for Ultragenyx to $89 from $93 as he delays launch assumptions for triheptanoin programs to 2020 from 2019. Nonetheless, the analyst notes that the company announced pre-specified fracture healing data in X-linked hypophosphatemia patients who were enrolled in the recent Phase 3 study, which suggest burosumab is disease-modifying and correlates biomarker improvements to physiological benefit. He continues to assign 90% probability of success to burosumab, and reiterates an Outperform rating on the shares.